Select Image above and enter your zip code or ZOOM into your area of town and see the statistics that pop up, for FREE! Another reason to choose us here at PlatinumElite.com or one of the associates! Our tools and back office infrastructure is all geared towards helping the homeowner sell or buy Real Estate! We are here to assist you in finding and providing the necessary information for you to make the healthiest choice for you and your family.
All the indicators are out there that the Real Estate Market is doing better. However, a number of Homeowners are still Underwater and need assistance. In addition to this we have a 6 to 1 Ratio of Shadow Inventory to REO’s according to a recent Article published by DS News. Platinum Elite Group is aware that the recent rise in Homeowner Appreciation is not just expected, it is anticipated, however, basic economics tells us that this is dictated by supply and demand. The Institutional REIT‘s that have been competing with the general public with our short supply have artificially pushed these prices up faster than anticipated. We agree prices will go up and continue to go up through 2014 to 2017 with tapering anticipated during this same time frame. This is an opportunity for Distressed Homeowners that have attempted to either do a Loan Modification | Short Sale | SSLB – Short Sale Lease Back | Bankruptcy or any type of workout with their lender, that same lender may be more motivated to do a workout at this point as their inherent losses have been diminished with the most recent spike in Real Estate Single Family Resident Appreciation in most metropolitan areas. Watch this Video and determine if Short Sale with a full deficiency waiver is a viable option for you or family?
We believe in the education of our clients as to all of the options available to them, by doing so, we have found the Homeowner to be able to make the healthiest decisions for themselves and their family while reaching for the best possible outcome. The information we and our network of consultants | contributors provide is at no cost and | or no advance fee consultations. We can assist you in knowing which is your best option in relation to your real estate needs and we look forward to helping you get the assistance you need to maneuver through this unprecedented Market. Please contact any Platinum Elite Associate by clicking our HomePage, E-mail us at Info@PlatinumElite.com, or call us at 702-869-9999.
The Platinum Elite Group or Follow-us on Facebook | Twitter | Linked-In | Trulia | Realtor.com all links are on the right column or our HomePage.
Platinum Elite and our contributors through Neighborhood Home Rescue Program answer the tough questions with real answers in our newest video release, “Moving Forward with Lending!” Taken from our Workshop that is geared towards educating homeowners that are faced with or have faced a Distressed circumstance and want to know how soon they can truly be back in the home purchasing market. This video covers Highlights from our Distressed Homeowner Option Video with one of our Contributors, Dave Cooper a Mortgage Consultant with Shelter Mortgage Company. In the re-cap of the options Dave Cooper explains the lending process and the credit ramifications from these various options and what lenders are looking for when a homeowner is preparing to re-purchase or is ready to purchase. Watch and learn from one of many of our Neighborhood Home Rescue Contributors.
We believe in the education of our clients as to all of the options available to them, by doing so, we have found the Homeowner to be able to make the healthiest decisions for themselves and their family while reaching for the best possible outcome. The information we and our network of consultants | contributors provide is at no cost and | or no advance fee consultations. We can assist you in knowing which is your best option in relation to your real estate needs and we look forward to helping you get the assistance you need to maneuver through this unprecedented Market. Please contact any Platinum Elite Associate by clicking our HomePage, E-mail us at Info@PlatinumElite.com, or call us at 702-869-9999.
The Platinum Elite Group or Follow-us on Facebook | Twitter | Linked-In | Trulia | Realtor.com all links are on the right column or our HomePage.
“Errors Afflict More Checks Issues to Aid Homeowners”
By Ben Protess and Jessica Silver-Greenberg
“At least these checks cleared,” I love the way these two columnists start this article, however, the results of this Rust Consulting Fiasco is no laughing matter. This has effected not just Platinum Elite Clients, it has effected homeowners across the nation that expected some type of relief from a Global Settlement between the Federal Government and 13 Institutional Lenders. This Settlement as described in the article was deemed ” The National Mortgage Settlement” and was created to assist in bring relief to homeowners that had been wrongfully filed against or wrongfully foreclosed upon by the participating lenders. The National Mortgage Settlement is being managed for these 13 lending institutions and overseen by government regulators by Rust Consulting. Though its intial intention was to bring relief to homeowners it has been in the media for its mishaps more than it’s successes and these errors are documented. What we wanted to do is start tracking these Errors and enumerate these mishaps to see how far or how long it takes for this to get enough attention to be resolved. Let’s take a look at the “Mishaps” one at a time;
My last question after recapping, and we will keep tabs on this, is who gets the interest on $3.6 Billion Dollars while we wait for Rust Consulting to figure out how to fix these problems, or as the Naked Capitalism Blog mentions, “Errors by Design,” you have to wonder, don’t you?
We believe in the education of our clients as to all of the options available to them, by doing so, we have found the Homeowner to be able to make the healthiest decisions for themselves and their family while reaching for the best possible outcome. The information we and our network of consultants | contributors provide is at no cost and | or no advance fee consultations. We can assist you in knowing which is your best option in relation to your real estate needs and we look forward to helping you get the assistance you need to maneuver through this unprecedented Market. Please contact any Platinum Elite Associate by clicking our HomePage, E-mail us at Info@PlatinumElite.com, or call us at 702-869-9999.
The Platinum Elite Group or Follow-us on Facebook | Twitter | Linked-In | Trulia | Realtor.com all links are on the right column or our HomePage.
Short Sale Lease Back – SSLB Program for Distressed Homeowners is one of the newer “Options” Available and is causing a wave of controversy. Here is why; HAFA Guidelines were amended in 2011 to allow Short Sale Lease Back (SSLB) as long as a Non-Profit Corporation registered as a 503 (c) is the purchaser. See Section 7.3 of Chapter IV of the Handbook. This SSLB Program is seeing some success in California and gaining momentum in other states by being used in advertising as a “Distressed Homeowner Option“. However, we see several caveats to these HAFA guideline amendments and the SSLB Program, as it has been presented. On the surface it appears to be like most government sponsored options and a major reason the Making Homes Affordable Programs have not seen the results expected, is that the Lender | Servicer has to first agree to participate, establish that they have implemented guidelines with HAFA, and that they then get to determine if you are approved or qualify for this “Option”. The criteria for this program is that you have to meet the following;
Again, HAFA or as many government programs do, leaves the cooperative power in the hands of the Lender | Servicer and their Investors, through guidelines and approval stipulations. An Attorney | Broker in California pointed out, and we agree, that Fannie Mae and Freddie Mac have “Arms-Length Transaction” stipulations or restrictions, which comprises over 90% of the Distressed Home Loan Inventory. Thus, your margin of success is now limited to 10% of the remaining lenders | servicers | investors.
What concerns us even more, as evidenced by scenario’s being presented to the Grievance Committee in the Las Vegas Market, is how some are presenting and mis-representing variations of the original SSLB Program. These parties have been discovered, to some degree, to be preying upon Distressed Homeowners by offering enticing alternatives such as a purchase back solutions. It’s our belief these parties are taking advantage of Distressed Homeowner’s emotions that are wanting to stay in their homes at today’s prices.
Homeowners Be aware;
These abuses premised on this SSLB Program are not based on what’s being told to some Distressed Homeowners when they sign-up, it’s what’s not being disclosed, that is the concern!
“What if my Short Sale fails and I have already agreed to sell, my home to the Non-Profit Group? In fact, in one situation the home was already transferred via power of attorney and a quit-claim deed. Thus the answer was: Oh, didn’t we discuss the risks initially? Sorry and by the way, you have 30-days to move, if that….”
“Now that the house is still going to foreclosure, where did all my rent go to that I paid the Non-Profit Group and/or Investor while under review? The Answer: Oops, I’m sure we discussed this possibility, sorry and by the way, you have 30-days to get out, and no refunds……” This mis-use of the SSLB was done under the pretence to collect rents and never stay the foreclosure or assist in helping the homeowner.
“This was a great program, Thank you! I am on my feet again and ready to buy my house back. The Answer: Oops sorry, did we forget to mention that one of the conditions are that you cannot by your house back due to the lien holders policy on Arms-Length Transactions! Of course, you may continue to pay rent to the Non-Profit Corporation or current Investor.”
Understand that the SSLB Program does not allow for you to re-purchase your specific home. Thus, those advertising, may be over promising, or potentially misleading you to move forward with an SSLB option will not deliver on promises to keep you in your home past the three (3) year stipulation by the HAFA guidelines. Any party that hooks a Distressed Homeowner with the SSLB promise, which results in a flip for profit benefit raises concern.
The scenarios mentioned are current abuses of what we are already seeing in the Las Vegas Area.
The SSLB Program, though allowed by HAFA, has not evolved enough in this market. After hearing the Distressed Homeowner’s complaints of not keeping the negotiations in their directive control during the bank’s review of a loan modification, deed-in-lieu, deficiency release, or short sale, we believe there are much better options available that have fewer challenges and fewer opportunities for fraudulent practices, that can be accomplished with our assistance.
We are not sold on the SSLB Program, the complications created by the HAFA guidelines, or the willingness of lenders | servicers to participate other than on a limited basis. Thus, the Neighborhood Home Rescue Program will present the SSLB option benefits, in addition to the risks so, the homeowner has a better understanding.
We believe in the education of our clients as to all of the options available to them, by doing so, we have found the Homeowner to be able to make the healthiest decisions for themselves and their family while reaching for the best possible outcome. The information we and our network of consultants | contributors provide is at no cost and | or no advance fee consultations. See our most recent Video regarding Distressed Homeowner Options or schedule an appointment with one of our associates. We can assist you in knowing which is your best option in relation to your real estate needs and we look forward to helping you get the assistance you need to maneuver through this unprecedented Market. Please contact any Platinum Elite Associate by clicking our HomePage, E-mail us at Info@PlatinumElite.com, or call us at 702-869-9999.
The Platinum Elite Group or Follow-us on Facebook | Twitter | Linked-In | Trulia | Realtor.com all links are on the right column or our HomePage.
Related articles
Do I keep paying the bank? Do I become a Landlord? Do I do a Loan Modification? Do I do a Short Sale or Modified Pay-off? Foreclosure or Foreclosure Mediation, is it an option or is it inevitable? Do I turn it back to the bank through a Deed-in-Lieu? I am sure the bank likes that choice, however, what does this do to me and my credit? Bankruptcy? Option or Strategy? You decide?! As a Distressed Homeowner what Option do you I select that is best for my situation, that gives me the most control and what are the ramifications?! Watch our second video in our Neighborhood Home Rescue Series and decide for your self:
In this Video Series we have covered the Market Overview for Las Vegas and in this video you will learn Who and What is the Neighborhood Home Rescue and much, much more………..
Guest Speakers are joint contributors to the Neighborhood Home Rescue Program and offer free consultations through the Network. If you want to discuss your circumstances in more detail, receive a free consultation, or if you want to learn more regarding the Neighborhood Home Rescue contact our Hotline at 702-675-3000 or e-mail us at info@PlatinumElite.com, we look forward to Helping Distressed Homeowners!
Mission Statement:
Outreach Program for Distressed Homeowners
Designed to inform and help Homeowners understand how to work with No Cost Programs and No Advance Fee assistance resources available while obtaining information to make a more healthy decision for their family.
The Las Vegas Home Market is still reeling from “The Real Estate Bubble” and yet we might be repeating history. Everyone can read Headlines and knows that many indicators are up and creating excitement. Homebuyers that had to sell short are already back in the home buying process. Investors have been speculating with Flips and have already seen profits from properties that they purchased right after the bubble burst. With inventory tightening this is pushing prices up and we again are seeing the “Offer” Frenzy, with multiple offers on much of the new listings on market along with Builder’s starting the lottery system with small phase releases. We get it, everyone wants the highest and best price. However, this may be short-lived or will at least stabilize as LPS reports over 1.2 Million homes are in foreclosure, down from 1.5 YoY, this is still a great deal of inventory to absorb along with 900,000 housing starts throughout the nation. This is further complicated by inflated BPO’s (Broker Price Opinion) as outlined in our previous article, “Are Banks Stealing Homes?”, which will, if allowed to happen, push more homeowners into foreclosure and not allow the market to fully recover prior to over inflated home values as was experienced when no one thought it possible. As Nike’s controversial new Ad stated, “Winning takes care of Everything,” this may be fine for those on the winning side of this recovery, what about the homeowners left behind with bad loans from predatory lending and exaggerated values resulting in over-leveraged property. Lets not let this happen again. Be an informed Seller, Buyer, or Investor, weigh your options, and know what is best for you. The Neighborhood Home Rescue Workshop Video series has released chapter one with our next Chapter, “Homeowners Options“, being released the first week of April, which will assist you in better understanding the market, what placed us in this circumstance and how a healthy recovery will include help for homeowners impacted by de
regulation of the Credit Derivatives in the 2000’s. For notification of our next video release email us at info@platinumelite.com or call 702-869-9999.
The Platinum Elite Group
In our Blog Article “Boomerang Foreclosures” written February 14th of this year, we reminded everyone to watch the Legislature and what revisions were being proposed or lobbied for by the banking or trustee representatives. Please find attached links to BDR List and each proposed Bill for either Foreclosure or Foreclosure Mediation;
Be reminded the United Trustee Association (UTA) Lobbyist believes they have favorable representation in the Legislature and will be attempting to slip changes through without drawing attention to what effects homeowner or real estate market in general. Quote by Cheryl Blomstrom, Blomstrom Consulting in her December 2012 E-News Bulletin for the United Trustee Association for Nevada; “Those of us looking for change did not get the result we wanted, however I remain optimistic… I still think we can cobble together a coalition of democrats and republicans to get our work done. UTA members reached out during the campaign process to key candidates and several were elected. They come into the session with a working knowledge of our industry.
Timeo Danaos et dona ferentes | Beware of Greeks bearing Gifts
To discuss your circumstances or schedule a “Private Consultation” with a Team Member of Platinum Elite Group, contact us at Platinum Elite, info@PlatinumElite.com or call us 702-869-9999.
Donald Lainer has developed a strong team in real estate that focuses on service and the clients needs. First and foremost, we get the job done. As a team, Platinum Elite Group closed over ninety-one transactions in 2012. 2013 looks to be even stronger. Already in 2013, the Team has had 11 Listings close, not including the individual team members independent statistics. In cooperation with Negotiation Service Providers, there has been an additional 13 closings and 12 Short Sale approvals that should close by the end of April. Donald Lainer, as Team Leader, also does outreach through the Neighborhood Home Rescue Program. We will be releasing one Video Chapter a month over the next several months, which includes this video from our Youtube Video Channel covering the Las Vegas Market Overview. Additional Chapters will include:
If you have an immediate need or questions, feel free to contact one of the team for a Private Consultation.
Some segments or chapters are highlighted by guest speakers in each field of expertise. As a homeowner or investor you need to be informed and knowledgeable in this ever-changing and volatile Real Estate Market. To sign up for our next Neighborhood Home Rescue Event RSVP at RSVP@PlatinumElite.com or call 702-675-3000.
The Platinum Elite Group is always looking to develop its team with professionals from any field that may be interested in entering the Real Estate Industry. You may preview our Welcome PowerPoint on Slideshare.com, contact Donald Lainer directly, or any one on the Team and see what we have to offer. Contact us through our Home Page, info@PlatinumElite.com or by calling 702-869-9999.
Recently, the President of the GLVAR (Greater Las Vegas Association of Realtors), asked all Realtors to stand-up for what is right. Banks and Servicing Entities are again instructing BPO Agents to not include Foreclosures, REO properties, Short Sales, Properties in poor condition, and are including properties that are too far out from the subject property. They are also using, “As-Is” Language, which is not recognized in the State of Nevada, it should be “As-Disclosed!” Whatever happened to “Fair Market Value!” These same banks would not loan on a property based on the same valuation and criteria they are setting for Short Sales. This is a “To Big to Fail” Mentality and the BPO Agents are agreeing to it to get the work!
I attended a mediation hearing for a client, as a service we provide, where I pointed out to the mediator the flaws in the Bank ordered BPO and the Mediator agreed that the instruction to the BPO Agent was a mis-representation of its true value and marked on the Mediation Resolution Form, “BPO was flawed due to mis-representation.” Thus finding that the Bank was acting in bad faith and therefore the “Certificate of Foreclosure,” will not be issued! You also can act on your clients best interest, as well as on the promptings of the GLVAR President and myself that this must stop! This is Aiding and Abetting Fraud perpetuated by these institutions and by doing nothing we are allowing it and seeing homeowners put out on the street! Remember GLVAR is a Self-Policing Entity, that means All of Us are responsible! Please start reporting Agents that are following these flawed instructions by Fannie Mae or whichever servicing entity has engaged the BPO Agent. Is the money really worth your license?
Below, see our original article published earlier this year. This issue is going to get worse prior to resolution!
A homeowner wanting to do the right thing in relation to working out here situation with her lender, contacted me for assistance. She explained to me that she is behind in payments and wanted to know her options, at this time. Mind you this is a very nice home, in a very nice community, however, like many homeowners in today’s distressed market, her circumstances have caused her to become delinquent. Wells Fargo, the servicing company for Freddie Mac, instructed her that she would have to consider selling the home as a loan modification was not an option due to insufficient income. Wells Fargo stated they would do a valuation. They hired an evaluator to provide a Brokers Price Opinion, known in the industry as a BPO. This BPO / Appraisal as her lender stated, would be necessary for them to re-entertain a loan modification or to establish a sale amount to cover and include unpaid principal, reinstatement fees, back interest, and legal fees. The Freddie Mac BPO was valued at around $370,000 dollars. When the homeowner contacted me to discuss listing the property for sale, as she was instructed by Wells Fargo, I was perplexed by the fact that I could not find any comparable “Model Matches” in the entire community or similar models in the surrounding communities that came anywhere close to the banks valuation. My valuation was more in the range of $280,000 to $290,000 a variance of over $80,000. This places the homeowner in a potential Short Sale situation, which we are more than happy to assist with and successfully provide for our clients. However, with the banks valuation I stated that “this over valuation by the bank has to be explained, as Lender BPO’s are done by other professionals in the area.” When I contacted the Homeowner’s bank, not surprisingly, I was declined a copy of the BPO. However, the homeowner had the contact information for the evaluating agent. As this industry is small, I knew the BPO Agent, and contacted him directly. With the right connections I was able to obtain a copy of the BPO results and have a conversation with the evaluating Agent. I was taken back by his “Instructions” from the Servicing Company as guidelines for any Freddie Mac backed home. He stated, “You would never believe how far I had to go outside of the subject properties’ community to find non-distressed comparables.” This was his specific instructions by the Servicing Company for Freddie Mac, “No Distressed Properties are to be included in the report!” Placing the comparable homes completely outside of the community. In fact, he mentioned, “The Comps selected were beyond a mile!” I ask you, How is this a Comp?! This type of activity is completely putting our market, not only here in Nevada, but across the country in turmoil.
What is the motivation behind inflating the price on a non-performing Asset?
We all know for a fact that a Buyer’s appraiser is not going to go by the same parameters and the home will appraise at a lower market value creating several issues;
If no resolution, the homeowner is left up a creek without a paddle. Without assistance through a short sale most homeowners inevitably end up in foreclosure. It would seem Freddie Mac and Fannie Mae have decided NOT to help homeowners in trouble. Is this the result for homeowners trying to do the right thing?
Who benefits from this inflated BPO that created this mess?
Please understand, though overseen by the Treasury Department, Freddie Mac or Fannie Mae have their own motivations. When a Freddie Mac and Fannie Mae backed homes revert to them through either foreclosure, deed-in-lieu, or other means, it is then made available through a variety of venues, for instance Fannie Mae’s HomePath Program (select the HomePath “More Info”). This program does not require appraisals for buyers using it, offers incentives, and offers as much as only 3% down assistance. On the surface this is attractive to the buyer, however, with these incentives they can then over value and oversell the property by 10% to 30% over current market value as stated in the “Related Articles” below. By further controlling the number of homes released to the market and constricting inventory, this inevitably drives up a falsely inflated market. “BUYERS BEWARE” you may be closing on upside down property from the get go. Again, I ask where is the Assistance for the Sellers that fell victim to this same behavior and here it is being condoned by an entity with Government oversight?! Homeowners must no longer allow banks to have it their way. This type of mentality that “They are To Big to Deal With,” must change. Be an informed seller, an educated buyer, and a smart investor. The homeowner in this situation, through Network Assistance Program is taking the steps with us to utilize Nevada’s Foreclosure Mediation Program. Follow us for more information as this scenario unfolds. If you find this information useful and applicable to you or others close to you, please contact us and / or share through our social media links.
We can assist you in knowing which is your best option in relation to your real estate needs and we want to help you get the assistance you need to maneuver through this unprecedented Real Estate Market. Please contact anyone of our Team Members here at Platinum Elite by clicking on our Home Page, email us at Info@PlatinumElite.com or call us at 702-869-9999.
Donald Lainer, Team Lead for Prudential’s Platinum Elite Group
Related articles
Stuff and things.
Las Vegas Platinum Real Estate Services | Listing | Short Sale| REO | Foreclosure | Real Estate Investments | Business Broker
Platinum Elite Group 
You must be logged in to post a comment.